Remittances Make the World Go Round

Thursday, May 19, 2005

Remittances to Africa and Asia have been identified as a key source of development funding, sometimes outpacing official development assistance, and a lifeline for millions of families in poor countries.In its new report ’Global Development Finance 2005: Mobilising Finance and Managing Vulnerability’ the World Bank noted that “workers’ remittances provide valuable financial resources to developing countries, particularly the poorest”.“Remittances to developing countries from overseas resident and non-resident workers are estimated to have increased by US $10 billion (8 percent) in 2004, reaching $126 billion,” noted the report.That increase was on top of a $17 billion rise in 2003. “Much of the $10 billion increase in 2004 occurred in low-income countries, where remittances rose by $6.7 billion (18 percent). Since 2001, remittances to developing countries have increased by $41 billion (almost 50 percent),” the report said. Story found here.